LIC Mediclaim Policy

LIC Mediclaim Policy The life Insurance Corporation (LIC) is the largest insurance company in India having its offices at every small town of India as well as abroad to facilitate Indians settled abroad with mediclaim policy. Apart from thousands of individual clients it has a large number of corporate as its clients. Wipro, Infosys and Reliance communication are some examples.

A person interested to buy a LIC mediclaim/health plan can either contact their agents or their official in their city or town or buy it online. It is India’s first ever health insurance policy under one unit. The two most common plans that a customer wants to avail are: 1. LIC Health Plus plan and 2. Jeevan Arogya Plan.

LIC Health Plan provides: a) Hospital cash benefit (HCB), b) Major Surgical benefit (MSB), c) Domiciliary Treatment Benefit (DTB)

How it works:

· The premium paid for a unit will be subject to deduction of allocation charge and the balance will be credited to policy account

· Policy administration charges, premium for HCB and MSB with service tax at the rate of 12.36% are deducted on a monthly basis.

· Policy holders are entitled to claims benefits for self and family members as mentioned in the family bond.

· Policy fund will be invested according to investment pattern.

The minimum premium amount is Rs.500 and the maximum has no limit. The principal amount varies from Rs.5000 to Rs.10000 according to number of insurer and their age.

Cash benefits for hospitalization include charges of hospitalization which vary from Rs.250 to Rs.2500, daily hospital expenses; the charge is doubled if patient is admitted to ICU.

For surgical treatment 100% of the sum assured is given as annual benefit.

The minimum for entry into a policy is 18yrs. and the maximum age is 55yrs. However policies can be renewed up to the age of 70yrs.

Under the Jeevan Arogya plan the in-laws of the individual can also avail the benefit. Waiting period for hospital cash benefits is just 24hrs. against 48hrs. for health plus plan. A benefit for the ICU is maximum 720days as against 365 days in health plus plan. For every three claim free years daily cash benefits will be increased by 5%.All the benefits are more as compared to health plans. The only disadvantage is that domiciliary treatment is not available in Jeevan Arogya plan. Therefore go for a better plan.

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